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Financial Services UK
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November 08, 2024
Gowling Taps Ashurst For 4 Real Estate Lawyers In Germany
Gowling WLG announced Friday that it has recruited a four-lawyer real estate team from Ashurst LLP to its new office in Frankfurt as it continues to expand in Germany.
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November 01, 2024
Law Firms Improving At Managing AML Risk, SRA Says
The Solicitors Regulation Authority reported on Friday that it has recorded improvements in the way law firms manage anti-money laundering risks after it took action to clamp down.
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October 31, 2024
Ex-Citadel Reps Can't Escape Trade Secrets Suit
A New York federal judge has greenlighted most claims in Citadel Securities' lawsuit accusing a Swiss cryptocurrency trading firm founded by two of its former employees of stealing its trade secrets, while tossing those asserted against the firm's French angel investor for lack of jurisdiction.
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October 31, 2024
Scam Promoter Who Cost UK £2.6M In Taxes Is Banned
A man who promoted a tax avoidance scam costing the British government tax agency at least £2.6 million ($3.4 million) has been banned by the government from serving as a director of any company for 10 years, the U.K.'s Insolvency Service announced Thursday.
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October 31, 2024
Gov't Urged To Reform Tax Charges On Pension Scam Victims
The government should prioritize reform to ensure that victims of pension scams are no longer hit with massive tax bills, an industry body said Thursday.
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October 31, 2024
Vanguard Group Scores 2nd Win In Battle Against Rival TM
Vanguard Group convinced European officials to nix a trademark for "Vanguard Reinsurance" after its Lebanese rival failed to provide any evidence that it had genuinely used the sign to market insurance services.
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October 31, 2024
FCA Fine Puts Execs' Personal Conduct Under The Spotlight
The £350,000 ($455,000) fine handed by the Financial Conduct Authority to the boss of a leading financial technology company is a reminder that executives risk the watchdog's wrath if they're not transparent about reporting potential misconduct, white-collar lawyers say.
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October 31, 2024
Fugitive Fund, Bank Managers Appeal Fraud Conviction
Two fugitive financiers sentenced to a combined 11 years in prison for defrauding a Libyan fund out of $8.45 million appealed against their convictions at a London court on Thursday, arguing that a judge's "devastating" missteps torpedoed their chances at trial.
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October 31, 2024
FCA Bans 2 Financial Advisers For Pension Transfer Failings
Two financial advisers connected to the British Steel retirement savings plan scandal have been hit with a lifetime ban from offering pension transfer advice in the future, the City watchdog said Thursday.
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October 31, 2024
Reeves To Face MPs As Budget Enters Approval Process
Chancellor Rachel Reeves is due to be grilled by senior MPs on Nov. 6 after she presented the Labour government's first Budget for 14 years, which features a £40 billion ($52 billion) tax package that has raised concerns of new pressure on businesses and retirement savers.
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October 31, 2024
Sainsbury's Sells Argos Cards For £720M, Focuses On Retail
J Sainsbury PLC said on Thursday it has offloaded its Argos Financial Services card portfolio to credit provider NewDay Group for approximately £720 million ($933.6 million) to shrink its involvement in financial services and focus on retail.
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October 31, 2024
Gov't Transfers £1.5B To Former Miners' Pension Scheme
The government unveiled on Thursday a transfer of £1.5 billion ($1.9 billion) to pensions belonging to 112,000 former mine workers, resulting in a 32% increase in their annual pension payouts and undoing an "historic injustice."
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October 31, 2024
Car Finance Lenders Brace For Wave Of Redress Payments
The Court of Appeal has set car finance lenders up for a costly compensation bill by imposing a higher duty on brokers to explicitly tell customers about their commissions.
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October 30, 2024
Cripps Steers BP Marsh's Buy Of Stake In Lloyd's Broker
Private equity firm B.P. Marsh and Partners PLC announced Wednesday that it has acquired a 30% interest in Lloyd's broker SRT & Partners for £2.5 million ($3.2 million) in equity and loans, in a deal guided by Cripps LLP and Nockolds Solicitors Ltd.
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October 30, 2024
Lloyds Says Broadcaster Liable In £287M Fraud Claim
Lloyds Bank and a subsidiary have hit back against a £287 million ($373 million) claim brought by the liquidators of Arena Television, arguing they should not be liable for payments they processed for the broadcaster that were linked to an alleged £1.2 billion fraud.
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October 30, 2024
UK Capital Gains Hike Casts Shadow Over Gov't LSE Aims
The decision by Chancellor Rachel Reeves to raise the tax paid on gains made when shares are sold could hinder the government's work on making the London Stock Exchange more attractive for stock listings and investors, regulatory experts warn.
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October 30, 2024
Last UK Gov't 'Did Not Share' Spending Info With Watchdog
The independent fiscal watchdog said Wednesday that the last Conservative administration had failed to disclose public spending information, adding that it would have resulted in a "materially different" forecast for government spending if it had been given the data.
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October 30, 2024
Pension Pros Say Shutting Inheritance Tax Loophole Overdue
Retirement industry professionals said Wednesday that the budget announcement by the U.K. government that it would remove a loophole that allowed the transfer of more than £1 million ($1.3 million) of inherited pension wealth without paying inheritance tax was overdue.
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October 30, 2024
Disabled Barclays Worker Wins Harassment Claim
An employment judge has upheld two complaints by a former Barclays employee who said she was prevented from doing her job because of her painful bone condition, as the tribunal that agreed her manager's comments amounted to harassment.
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October 30, 2024
Mortgage Adviser Not Unfairly Sacked Over Fraud Fears
A mortgage adviser who was sacked over concerns that he might have committed fraud by providing false information to lenders and insurers has lost his claim of unfair dismissal, as a tribunal ruled that his employer's decision to fire him was reasonable.
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October 30, 2024
Labour Gov't Unveils £40B Tax Boost In First Budget
A £40 billion ($52 billion) tax package unveiled on Wednesday by Britain's new Labour government targets business and investors and aims to plug fiscal gaps with plans including higher levies on payrolls and capital gains.
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October 29, 2024
SPG Steers £18M Buy-In Pension Deal For Housebuilder
Housebuilder St Modwen Properties Ltd. has offloaded £18 million ($23.4 million) of its pension liabilities with Just Group PLC, the insurer said Tuesday, in a transaction guided by Squire Patton Boggs LLP.
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October 29, 2024
WSJ Articles On $1B Fraud Did Not Contain Criminal Data
Two articles in the Wall Street Journal about court proceedings in the Cayman Islands did not contain criminal offense data, a judge ruled Tuesday, in a preliminary stage of a data protection claim against its publisher over reports on allegations of a $1 billion fraud.
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October 29, 2024
Santander Delays Results To Weigh Motor Finance Ruling
Santander said Tuesday that it will delay the publication of its third-quarter results as it seeks to review the implications of a landmark court ruling that lenders must fully disclose to customers the commission that is paid to car dealers.
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October 29, 2024
Ex-Cardiff FC Director's Insurance Voided Over 'False' Claims
An insurance company and its agent have argued that their cancelation of a policy intended to cover the legal costs of a former director of Cardiff City Football Club was valid because he unfairly represented his risk when taking out protection.
Expert Analysis
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What EU Net-Zero Act Will Mean For Tech Manufacturers
Martin Weitenberg at Eversheds Sutherland discusses the European Council’s recently adopted Net-Zero Industry Act and provides an overview of its main elements relevant for net-zero technology manufacturers, including benchmarks, enhanced permitting procedures and the creation of new institutions.
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Complying With EU Commission's Joint Purchasing Rules
One year after the European Commission released its revised guidelines on horizontal cooperation agreements, attorneys at Crowell & Moring reflect on the various forms such agreements can take, and how parties can avoid structuring arrangements that run afoul of competition law.
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Tips For Implementing EU Sustainability Reporting Guidance
Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.
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Why Ukraine Aircraft Insurance Case Failed To Take Off In UK
In Aercap v. PJSC Insurance, the High Court decided the claimants could not avoid an exclusive jurisdiction clause and advance their case in England rather than Ukraine, and the reasoning is likely to be of relevance in future jurisdiction disputes, say Abigail Healey and Genevieve Douglas at Quillon Law.
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Labour's 'Fresh Approach' To Tackling Financial Crime
Given newly elected Prime Minister Sir Keir Starmer’s background as a criminal defense lawyer and director of public prosecutions, an administration with strong views on financial crime can be expected, and revenue raising and proceeds of crime recovery are likely to be at the forefront, says Matthew Cowie at Rahman Ravelli.
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Unpacking Pressures, Trends Affecting Global Supply Chains
A recent HSBC report reveals a number of trends and challenges for global supply chains in the current uncertain geopolitical landscape, and with constant emerging opportunities, companies that can stay informed, be proactive and adapt to change will be well positioned to succeed, says Michelle Craven-Faulkner at Shoosmiths.
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What UK Digital Markets Act Will Mean For Competition Law
The new Digital Markets Act’s reforms will strengthen the Competition and Markets Authority's investigatory and enforcement powers across its full remit of merger control and antitrust investigations, representing a seismic shift in the U.K. competition and consumer law landscape, say lawyers at Travers Smith.
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What New UK Labour Gov't Is Planning For Financial Services
Following the Labour Party’s U.K. election win on July 4, the new government has already announced its key missions for economic growth, green investment and tax reform, so affected Financial Conduct Authority-regulated entities should be prepared for change and on the lookout for details, says Rachael Healey at RPC.
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Companies Trading In The EU Should Heed Mondelēz Ruling
The European Commission’s recent €337.5 million fine of Mondelēz is the latest decision targeting restrictions on EU cross-border trade, and serves as a warning to companies active in the region to check their contracts and practices for illegal restraints, and to perform audits to ensure compliance, says Matthew Hall at McGuireWoods.
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Why Reperforming Loan Securitization In UK And EU May Rise
The recently published new U.K. securitization rules will largely bring the U.K.’s nonperforming loan regime in line with the European Union, and together with the success of EU and U.K. banks in reducing loan ratios, reperforming securitizations may feature more prominently in relevant markets going forward, say lawyers at Morgan Lewis.
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What French Watchdog Ruling Means For M&A Landscape
Although ultimately dismissed due to lack of evidence, the French competition authority’s recent post-closing review of several nonreportable mergers is a landmark case that highlights the increased complexity of such transactions, and is further testament to the European competition authorities’ willingness to expand their toolkit to address below-threshold M&As, say lawyers at Cleary.
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New Directors' Code Of Conduct May Serve As Useful Guide
Although the Institute of Directors’ current proposal for a voluntary code of conduct is strongly supported by its members, it must be balanced against the statutory requirement for directors to promote their company’s success, and the risk of claims by shareholders if their decisions are influenced by wider social considerations, says Matthew Watson at RPC.
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Exploring The EU's Draft Standards On Crypto Authorization
The European Securities and Markets Authority’s recently published draft standards aim to promote fair competition and a safer environment for crypto providers and investors, detailing precisely the information to be provided to national authorities in charge of screening the acquisitions of a qualifying holding, says Mathieu de Korvin at Norton Rose.
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How FCA Guidance Aligns With Global Cyberattack Measures
The U.K. Financial Conduct Authority’s recent guidance on preparing for cyberattacks aligns with the global move by financial regulators to focus on operational resilience, highlighting the importance of proactive strategies and robust resilience frameworks to mitigate disruptions, while observing a disappointing level of engagement by the industry, say Alix Prentice and Grace Ncube at Cadwalader.
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Takeaways From Regulators' £61.6M Citigroup Trading Fine
Following the Financial Conduct Authority and Prudential Regulation Authority’s recent significant fining of Citigroup for its catastrophic trading error, and with more enforcement likely, institutions should update their controls and ensure system warnings do not become routine and therefore disregarded, says Abdulali Jiwaji at Signature Litigation.